Mortgage rates either fell slightly or remained at last week’s levels. The 30 year fixed stayed at 5.125%, but the 30 year FHA and CHFA rates lost an eighth and a quarter point, respectively. Also, the 7 year ARM lost an eighth, the first drop in an adjustable rate mortgage in some time. This is the seventh week in a row that mortgage rates have dropped and mortgage refinance applications have risen. Sustained lowering of rates have been bolstered by the Federal Reserve’s announcement of the purchase of $500 billion in mortgage-backed securities and moving the Fed funds rate to a target of 0.25-0 percent. Despite the continued drop, financial experts are cautioning borrowers sitting on the sidelines for lower rates of the risk of a rapid rate reversal. Rates are at their lowest levels since 1971, so if you’re on the fence hoping for a better rate, this is a good time to get out there and start looking for your new home!

Here are this week’s rates:

Friday, December 19th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.125% APR = 5.330%

15 yr conforming fixed: rate = 4.875% APR = 5.140%

7/1 yr conforming ARM: rate = 5.50% APR = 5.825%

5/1 yr conforming ARM: rate = 5.250% APR = 5.510%

30 yr FHA Fixed : rate = 5.250% APR = 5.605%

30 yr CHFA w/ 1 pt : rate = 5.250% APR = 5.375%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.000% APR = 6.229%

15 yr jumbo fixed: rate = 5.625% APR = 5.936%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 18 – 24, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.250 % (APR range 5.350 – 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.250 % (APR range 5.350 – 5.750 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/19/08

Mortgage rates continue to fall as the proposed auto industry bailout crashed and burned, and the Fed is now talking about a possible reduction to 4% instead of the 4.5% figure bandied about last week. Our current 30 year fixed and FHA rates fell another eighth of a point this week, while the 30 year CHFA rate shed 3/8 of a point. As the rates inch closer to going below 5%, many first time home buyers should be motivated to jump off the fence and buy, while some current homeowners stuck in ARM’s may want to take this time to move into a lower fixed rate. Many financial experts feel the rates will go up by the end of next year, so from now through 2009 the rates should remain very attractive.

Here are this week’s rates:

Friday, December 12th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.125% APR = 5.330%

15 yr conforming fixed: rate = 4.875% APR = 5.140%

7/1 yr conforming ARM: rate = 5.625% APR = 5.993%

5/1 yr conforming ARM: rate = 5.250% APR = 5.510%

30 yr FHA Fixed : rate = 5.375% APR = 5.645%

30 yr CHFA w/ 1 pt : rate = 5.550% APR = 5.884%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.250% APR = 6.435%

15 yr jumbo fixed: rate = 5.875% APR = 6.122%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 11 – 17, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.250 % (APR range 5.350 – 5.750 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/12/08

Mortgage rates fell another quarter point this week (with the notable exception of CHFA & FHA rates, which remained at 5.875% and 5.5%, respectively), possible on their way down to the 4.5% figure that’s been bandied about in the financial news lately. This may or not happen, depending on who you talk to, but even if it doesn’t, the downward trend of the mortgage rates has done some good. Mortgage applications were up 150% nationally over the Thanksgiving week, and the number of people refinancing jumped 300% over the same period. Many people are still holding back however, convinced that 4.5% mortgages backed by the federal government are just around the corner. Our advice is to talk with your mortgage lender and if you find the house that’s just right for you, you’d do just fine with the rates as they are right now.

Here are this week’s rates:

Friday, December 5th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.250% APR = 5.550%

15 yr conforming fixed: rate = 5.125% APR = 5.325%

7/1 yr conforming ARM: rate = 5.625% APR = 5.993%

5/1 yr conforming ARM: rate = 5.250% APR = 5.510%

30 yr FHA Fixed : rate = 5.500% APR = 5.620%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.325%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.250% APR = 6.435%

15 yr jumbo fixed: rate = 5.875% APR = 6.122%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 4 – 10, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/5/08

We hope everyone had a fantastic Thanksgiving and was able to spend some quality time with family and friends, and pig out on lots of turkey, stuffing, pie, etc etc!!

OK, so much for my statement last week of, “status quo is the way to go – for now”. In one of the largest one day reductions since 1988, the national rates took a little nosedive, falling .75%. Our rates fell almost across the board, with only the CHFA rate holding steady at 5.875%. It remains to be seen if retail sales over the Thanksgiving weekend have any effect on rates this week, but hopefully the Fed’s new $800 billion rescue plan will help to keep rates flat or even lower.

Here are the most current rates:

Friday, November 28th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.500% APR = 5.750%

15 yr conforming fixed: rate = 5.375% APR = 5.662%

7/1 yr conforming ARM: rate = 5.625% APR = 5.993%

5/1 yr conforming ARM: rate = 5.375% APR = 5.603%

30 yr FHA Fixed : rate = 5.500% APR = 5.620%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.325%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.375% APR = 6.559%

15 yr jumbo fixed: rate = 5.875% APR = 6.122%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of October 30 – November 5, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update, 11/28/08

Mortgage rates continued their downward slide this week as a result of dismal economic reports, particularly the half million jobs lost and an increase in the national deficit in October. There was a drop of an eighth of a point in almost all products, including the 30 year FHA and conforming loans. Jumbo loans and ARMs lost even more, down a full quarter point. However, CHFA rates rose a quarter point this week. Overall, the national average for the 30 year fixed rate mortgage fell to 6.14%, so our rates are still at a level below that average. Here are this week’s rates:

Friday, November 14th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.000% APR = 6.228%

15 yr conforming fixed: rate = 5.625% APR = 5.974%

7/1 yr conforming ARM: rate = 5.875% APR = 6.046%

5/1 yr conforming ARM: rate = 5.625% APR = 5.885%

30 yr FHA Fixed : rate = 6.000% APR = 6.290%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.325%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.773%

15 yr jumbo fixed: rate = 6.000% APR = 6.310%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of October 30 – November 5, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 11/14/08

Mortgage rates pulled back a bit this week in the aftermath of the presidential election, but the increase in the unemployment rate and tighter lending criteria are keeping many lenders on the sidelines. The 30 year conforming rate dropped a quarter point, while the 30 year FHA and CHFA shed a nice 3/8ths. Expect more fluctuation in rates in the near future. Here are this week’s rates:

Friday, November 7th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.305%

15 yr conforming fixed: rate = 5.750% APR = 6.011%

7/1 yr conforming ARM: rate = 6.125% APR = 6.352%

5/1 yr conforming ARM: rate = 5.875% APR = 6.127%

30 yr FHA Fixed : rate = 6.125% APR = 6.450%

30 yr CHFA w/ 1 pt : rate = 5.750% APR = 6.114%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.750% APR = 7.022%

15 yr jumbo fixed: rate = 6.250% APR = 6.400%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of October 30 – November 5, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.750 % (APR range 5.850 – 6.205 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.750 % (APR range 5.850 – 6.205 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 11/7/08

As a result of the recent stock market rally, mortgage rates are up approximately 0.8 percent. The 30 year fixed rate mortgage now hovers around 6.5 percent, and the CHFA rate went up a quarter point. Short indicators point to continued upward pressure on mortgage rates. Here are this week’s rates:

Friday, October 31st, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.505%

15 yr conforming fixed: rate = 5.875% APR = 6.224%

7/1 yr conforming ARM: rate = 6.125% APR = 6.352%

5/1 yr conforming ARM: rate = 5.8755% APR = 6.127%

30 yr FHA Fixed : rate = 6.500% APR = 6.722%

30 yr CHFA w/ 1 pt : rate = 6.125% APR = 6.360%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.750% APR = 7.022%

15 yr jumbo fixed: rate = 6.250% APR = 6.400%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of October 30 – November 5, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.125 % (APR range 6.225 – 6.625 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 – 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 10/31/08

Mortgage rates fell a bit across the board this week on reduced concerns about inflation; the 30 year conforming loan fell a quarter point, while the 30 year FHA rate fell an eighth. CHFA rates fell the most, taking 3/8ths off last week’s rate, ending at 5.875%. While inflation concerns are easing, fears of a recession seem to have replaced them; with the dismal job report and consumer spending on the downturn, it certainly seems like a recession is coming. The bad thing about that is, we won’t know until it’s over. The definition of a recession is two quarters of declining growth, but it’ll take analysts a while to determine if growth has been shrinking for 6 months. Until then, here are this week’s rates:

Friday, October 24th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.347%

15 yr conforming fixed: rate = 5.625% APR = 5.889%

7/1 yr conforming ARM: rate = 6.000% APR = 6.225%

5/1 yr conforming ARM: rate = 5.625% APR = 5.801%

30 yr FHA Fixed : rate = 6.375% APR = 6.661%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.118%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.752%

15 yr jumbo fixed: rate = 6.000% APR = 6.245%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 – 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 10/24/08

With the financial markets still in turmoil and the government bailout plan causing banks to borrow more and more money, the rates on 30 year conforming and jumbo loans rose a quarter point this week, while 30 year FHA and CHFA loans remained the same. These rates are still better than the national average 30 year mortgage rate, which currently stands at 6.46%. Hopefully, as markets become less volatile and fears about the economy subside, rates should begin to gradually recede. Because of the volatility of the market, it might make sense for you to act now on securing a loan, rather than wait a while and take a chance on the rates going even higher. Please stay in touch with your mortgage broker to keep abreast of any change in rates.

Friday, October 17th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.558%

15 yr conforming fixed: rate = 5.875% APR = 6.024%

7/1 yr conforming ARM: rate = 6.125% APR = 6.337%

5/1 yr conforming ARM: rate = 5.750% APR = 5.955%

30 yr FHA Fixed : rate = 6.500% APR = 6.779%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.750% APR = 6.992%

15 yr jumbo fixed: rate = 6.250% APR = 6.401%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 – 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.250 % (APR range 6.350 – 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 – 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 10/17/08

Thirty-year fixed rate holding steady (so far), but CHFA rates up half a point. How far will they go? In theory, if the “Rescue” plan works and helps repair the credit markets, rates should go down, but no one knows how long it will take for this to happen. For more info on the plan’s effect on mortgage rates, see the link at the end of this post.

Friday, October 3rd, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.322%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 6.000% APR = 5.904%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 – 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.250 % (APR range 6.350 – 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 – 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 10/3/08